we have lackluster growth in the united states. we have draghi coming out and downgrading the gdp outlook and out right recession as europe will likely be in 2013. how can this be? the answer from the bulls is where earnings may be lackluster but they'll still be positive. here is the estimates right now for earning. question down, q4 a big bump up. this isn't going to happen. this is 14 thst. the numbers will come down but still positive. overall for 2012, 4%, maybe 3%. not as much as in the past year. it is still growth, 2013, you know the numbers are the how. you know they will come down. it is 11%. that will probably end up at 5% next year. 5% growth, carl, is still 5%. it is not negative earnings growth. to argue for negative earnings growth, let me tell you what people are telling me. they keep saying you can't do this way. revenue growth is petering out, the margin expansions are tougher, china will have a hard landing, a soft patch in the u.s. economy, we'll hit the fiscal cliff. this is what people yell at me every day. he